You are here: Home » International » News » Markets
Business Standard

US crude hits 3.5-year high on supply concern due to Iran sanctions

The United States this week demanded countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes will cut off funding to Tehran

Reuters  |  New York 

Oil prices climbed on Thursday, with US crude hitting a three-and-a-half year high, bolstered by supply concerns due to US sanctions that could cause a large drop in crude exports from Iran. West Texas Intermediate (WTI) crude futures rose 69 cents, nearly 1 per cent, to settle at $73.45 a barrel. It reached $74.03 earlier in the session, the highest since Nov. 26, 2014. Brent crude futures rose 23 cents to settle at $77.85 a barrel. The United States this week demanded countries halt imports of Iranian oil from November, a hardline position the Trump administration hopes ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Fri, June 29 2018. 07:49 IST
RECOMMENDED FOR YOU